The United States introduces a ban on new investments in the Russian economy, a high ranking government official said on Wednesday.
"Today we announce the ban on new investments in Russia in coordination with the Group of Seven and the EU," the official said. The relevant executive order will be signed by President Joe Biden, he added.
The ban "will make sure that the mass exodus from Russia that we're seeing from the private sector, which is now over 600 multinational companies and growing, that it will endure," the official said. Russia "will lose private sector know how and skills that travel with investment," he added.
